Bonding companies and debtors can learn an important lesson from the U.S. Bankruptcy Court for the Middle District of Louisiana’s recent opinion on how surety bond claims are treated once a bankruptcy plan is confirmed.
The Key Issues and Background
The Court of Appeal was asked to consider two key points (together with matters, including relating to the granting of summary judgment) regarding the procedural aspects of applications in insolvency proceedings. The relevant proceedings were issued by the trustees in bankruptcy of Nicola Ide (the “Trustees”).
First, could the County Court transfer part of insolvency proceedings to the High Court?
On 29 September 2020, Chief Justice Smellie QC handed down his judgment in the Matter of Premier Assurance Group SPC Ltd (in Controllership) (FSD Cause No. 210 of 2020) confirming the powers of the controllers appointed under section 24(2)(h) of the Insurance Law, 2010 (the "Insurance Law") so as to enable them to exercise their powers as against the "world at large". In doing so, the Chief Justice held that the Court has an inherent jurisdiction to supplement section 24 of the Insurance Law to "fill the practical gap" left by that provision.
Background
TAX CONTROVERSY AND LITIGATION NEWSLETTER
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Focus on Tax Controversy
NOVEMBER 2020\\VOLUME 4\\ISSUE 3
IN THIS ISSUE
ARTICLES AND UPDATES Bankruptcy Court's Jurisdiction To Resolve Tax Claims2 FAQs Issued Under The CARES Act Invalid Under The APA8 Tax Court Concludes IRS Failed to Satisfy 675111
Penalty For Failure To File Form 5471 Is Not Divisible 14 Sixth Circuit Rejects Taxpayer's Judicial Estoppel Claim17
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The Key Issues and Background
The Court of Appeal was asked to consider two key points (together with matters, including relating to the granting of summary judgment) regarding the procedural aspects of applications in insolvency proceedings. The relevant proceedings were issued by the trustees in bankruptcy of Nicola Ide (the “Trustees”).
First, could the County Court transfer part of insolvency proceedings to the High Court?
从最高院司法判例看股东代表诉讼在公司强制清算程序中的适用原则
股东代表诉讼，又称股东派生诉讼，起源于英国衡平法，于2005年被正式规定在我国《公司法》中，并经《公司法司法解释二》《公司法司法解释四》《公司法司法解释五》等司法解释多次调整及完善。
根据《公司法》及司法解释的规定，我国股东代表诉讼的常态表现形式为，当公司利益受到损害时，满足一定条件的公司股东可以请求公司的执行机关或者监督机关行使相应权力，代表公司并以公司的名义提起诉讼，执行机关或者监督机关怠于行使权力，或者不立即提起诉讼将会导致公司利益受到难以弥补的损害时，公司股东有权以自己的名义向法院提起诉讼，且胜诉利益归于公司。
但，前述形式仅限于常态下的股东代表诉讼制度，公司发生解散、清算等特殊状态下股东是否有权提起代表诉讼在《公司法》及司法解释中并未规定。虽然《公司法司法解释二》第二十三条规定了清算组损害公司利益的，股东可以参照《公司法》第一百五十一条第三款的规定，以自己的名义对清算组提起诉讼。但是，该等规定仍未解决公司在清算程序中，尤其是清算组确定前后，股东是否可以为了维护公司利益而对其他损害公司利益的主体提起代表诉讼的问题。
CEC Entertainment, the parent company of kid-friendly and iconic “dinnertainment” restaurant and arcade chain—Chuck E.
1 November 2020 ONC Corporate Disputes and Insolvency Quarterly Dear Clients and Friends, This special newsletter aims to regularly update practitioners on important and noteworthy cases in the areas of corporate disputes and insolvency in Hong Kong, the UK and other common law jurisdictions. We would also seek to give alert on important legislative and regulatory initiatives from Hong Kong.
The English Court has, for the first time, handed down judgment on whether the liquidation stay prevents the Financial Conduct Authority (the "FCA") from issuing a Warning Notice under sections 92 and 126 of the Financial Services and Markets Act 2000 ("FSMA") without first seeking leave from the Court.